Crypto Analyst Says Large-Cap Memecoin Primed for a Massive Plunge, Updates Outlook on Ethereum and XRP

A widely followed cryptocurrency analyst is issuing a warning on a leading memecoin while outlining the path forward for Ethereum (ETH) and XRP.

The analyst pseudonymously known as Credible Crypto tells his 405,000 followers on the social media platform X that the memecoin Pepe (PEPE) has held up “quite well” amid a wider market downturn.

The pseudonymous analyst, however, says he is bearish on Pepe over the long term.

“I would not be surprised if we see another leg up to take some untapped liquidity before the larger move down continues.”

Based on Credible Crypto’s chart on the four-hour time frame, it appears that the pseudonymous analyst is suggesting that Pepe could appreciate by about 38% from the current price to around $0.0000145 before plunging to under $0.000005.

Source: Credible Crypto/X

Pepe is trading at $0.0000104 at time of writing.

Turning to Ethereum, the widely followed analyst says that he is bearish on the second-largest crypto asset by market cap. Credible Crypto says his downside target for Ethereum is below the $2,800 price, around 12% below the current level.

Based on Credible Crypto’s chart on the six-hour time frame, Ethereum could bounce above the $3,400 level first before plunging lower.

“Not going to chase shorts into the mid-range and potential demand here. If we manage to get a bounce as pictured, I will still look to short any pushes into RED

If we don’t get that, it is what it is and we look for the next opportunity.”

Source: Credible Crypto/X

Ethereum is trading at $3,174 at time of writing.

Next up is XRP. The pseudonymous analyst says he’s eyeing a long opportunity if XRP retraces to below the $0.49 level. Based on Credible Crypto’s chart on the 12-hour time frame, it appears that the widely followed analyst has an upside target for XRP of around $1, about 66% above the current level.

Source: Credible Crypto/X

XRP is trading at $0.603 at time of writing.

Generated Image: DALLE3

Source